This week, my family opened four new bank accounts at Tangerine, deposited $500, and we were given a bonus of $250. That’s like getting 50% interest, just for opening 2 chequing accounts, and 2 savings accounts for our kids.

Here’s how we did it:

The Search

When I was looking to open proper bank accounts for my kids, I canvassed around for new account bonus deals. Many needed payroll, auto bill payments, or other sorts of things to be set up to receive an iPad Mini or the like.

Most all banks will offer no fee savings accounts for kids. These are usually valid until they’re 18 or 19. They’re simply subsidiary savings accounts to your account, and are simple to set up and manage. Many parent friends said this how they had accounts for their kids.

Only Tangerine offers an actual new account cash bonus, no fees, and then another bonus when you open an account for your kids.

How It Works

I opened account for myself. I used an ORANGE KEY (42579296S1) and got $50 for being a new customer, then passed an ORANGE KEY (42579296S1) on to my wife who got $50 for opening a new account and passed a $50 referral bonus back to me.

You also get $50 bonus when you open accounts for your kids and deposit $250. Really, it’s just a savings account attached to your newly opened chequing account. So each of us then opened a kids’ account for one of the boys.

SEE THE LATEST TANGERINE ORANGE KEY REFERRAL BONUS HERE

We don’t plan on using the chequing accounts, but they have no fees. You use the chequing to deposit, then go online and transfer into kids’ new savings acct where they make 1.5% interest.

We deposited $250 into our new chequing accounts. And immediately just transferred it over to the kids’ savings accounts to trigger the bonus. Our chequing accounts have $0, their savings have all the money, we get all the bonus cash.

The Catch

It’s that ORANGE KEY. You need a referral code to kick in that first $50 bonus when you open a new account. To start off, you can use my ORANGE KEY: 42579296S1 at http://www.tangerine.ca. Once you have an account, you then pass your own key on to your spouse to get the next referral bonus. Then open kid accounts, transfer in the $250, and BOOM!

If you have more kids, you’ll make even more money. You basically get $50 to start from the referral, and then $50 for each child account you open.

Seriously, that’s it. Deposit $250. Use the ORANGE KEY: 42579296S1. Get $50 bonus. Repeat.